CFPB Investigates Rising Junk Fees in Mortgage Closings
TL;DR
The Consumer Financial Protection Bureau (CFPB) has initiated a public inquiry into the rising junk fees associated with mortgage closing costs, which have increased by over 36% from 2021 to 2023. The CFPB aims to understand the reasons behind these cost increases, identify who benefits from them, and explore ways to reduce these fees to make homeownership more affordable. The inquiry seeks input from the public, including borrowers and lenders, to inform future policy and regulatory actions.
- CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs Consumer Financial Protection Bureau
- US Starts Wide Review of Title, Closing Fees for Mortgages Yahoo Finance
- CFPB launches mortgage closing costs inquiry National Mortgage News
- CFPB to Examine Mortgage Closing Costs, Rising Junk Fees PYMNTS.com
- CFPB To Probe Home Sale Closing Costs Investopedia
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